European equities are trading right now 30 minutes until the end of the tuesday session. Gmm go is your function. Their u. S. Following brothers and sisters with a lower letdown with the utilities the best performing industry group. Lots to tell you about on that the half following strong cpi data. To the we were up highest level since december 2. Now the biggest decline since february 24th. This is the biggest decline in europe by a long way. Think of for cars shares down by 21 . It fell as much as 42 earlier. This is a swedish maker of biometric id samples. The revenue is set to fall more than 50 in the first quarter. May factors cutting that on orders. The company also withdrawing a proposal to pay its firstever dividend to shareholders and say can no longer give any guidance for 2017. Shares getting absolutely hammered today. Big data in you tak the u. K. Toh acceleration more than forecast. Target it to the for the first time in more than three years, the fastest rate since september 2013, above the median projection of 2. 3 , the white line from a year earlier. The big reason why is the drop in sterling, down 17 , as well as an increase in the oil prices. The white lines core inflation, 2014. 2 , faster than it also marks the end of three years of food price deflation. Import cost at factories jumping in annual 19. 1 . What does this mean for the boe . I will tell you what it means for sterling. Up by 1 today, the biggest increase in over a month. Rising for the sixday. Rising, a 25s basis point increase now. 2018 priced for august compared with a 67 probability before todays data was released. Lets not forget hedge funds and other large speculators going into that bank of england meeting last week had a record net bearish position on sterling. Then we had that big surprise. Kristin forbes voting for a rate hike. Sterling on a sixday winning run come up by 1 today could house an. Hows it looking there . Julie we are seeing a downdraft in the u. S. Stocks, and at one point, it looks like we might bring to an end this long streak of the s p 500 not having a loss of at least 1 at the close. We are measuring it as of the close. All three major averages are having their worst day this year. For the dow, its the worst session going back to october 11 as we start to see some questions over the socalled reflation trade. Take a look at the bloomberg. This is 2622 and this looks at the daily change in the s p 500. The last time we had a 1 drop was back in october. It looks like at one point today that we were going to have that 1 drop. Now we have come up from that level of little bit, but we will be monitoring it throughout the day. Regional banks one of the worst performing groups of the day. We talked about this the last hour the yield curve has not been steepening much as estimated in this is causing concerns about profitability at some of the banks. Zion has some of the big declines there. Whats interesting about these regional banks is that they have outperformed since the election. Yesterday in our options insight section, we had Steven Sotloff make and he pointed this out. Best the ky carry re and it is the k had been outperforming and now it seeme seeing a come down. Retail stocks are another big weight on the major averages today. Autonation down as allied financial warns that auto sales have been weaker than estimated. We have under armour, kohls, and macys down as folks over at Cleveland Research saying that comparable sales seem to be trailing below consensus. In particular, under armour is not doing particularly well. Mark it is me. U. K. Prime minister theresa may already see leverage slip away as she files for divorce from the European Union. Leaders arranging a summit for brexit talks on april 29, canceling plans to hold it three weeks earlier. Eu president donald tusk says it was in everyones interest to make it as painless as possible. Our main priority is to create as much certainty and clarity as possible for all citizens, companies, and Member States that will be negatively affected by brexit. As well important partner and friends around the world. Mark 20 us now is matt miller in brussels. How does that april 29 date a pet affect the timetable for brexit . Matt keep in mind that when he says he wants to make it as painless as possible, he is talking about the 27 remaining eu Member States. He is not talking about painless for the u. K. This is going to drag along and it will be difficult for Prime Minister may to deal with. First the summit on april 29 is just going to lay out some guidelines for the way that the commissioners want to deal with brexit. It will then go to the Eu Commission and take that framework and pull directives out of that. Then he goes to the general of affairselor council where they will put those directives into a law of sorts for the European Union to negotiate based on. That is going to take a while. It could be until june and possibly even later until the eu is really ready to negotiate with the u. K. And that takes at least two months and may be more out of theresa mays timeline. You spoken to a lot of finance ministers in the last couple of days. Now that we are in the last days of brexit negotiations, what are they telling you . Matt i was talking to finance ministers at the g20 last week and we have been talking to ministers here in brussels about it this week as well. When of the things that they are saying is that they want to have negotiation that is swift and they want to have a negotiation that is fair. Keep in mind that they are only worried about one side here. The interesting thing is that they want to have the brexit negotiations before they talk about a separate trade relationship with u. K. That is what the u. K. Wants to do simultaneously. They want to have those two negotiations at the same time. It doesnt look like eu officials are going to go for that. Brexit first, trading relationship later. Thats another problem for theresa may. Its a problem for growth, a problem for jobs, and a problem for the cake economy in general, mark. Vonnie speaking of trade relationships, what was the response from the g20 communique that came out from the finance ministers . Matt there was a lot of concern him especially from countries that have massive trade surpluses. Think about it. Germany has a 340 billion a year trade surplus. The u. S. Has a 500 billion a year trade deficit. You can see by the germans want to keep the system the way it is. It has been benefiting them greatly. The u. S. , on the other hand, doesnt feel so great about it. Every member of the eu so far with the exception of the g20 with the exception of the u. S. Has been for some antiprotectionism clause. They did not get it at the g20. Theyre talking about multilateral trade important the eu and the european commission, but the u. S. Is not really gotten on board with that. Mark matt, things a lot. Got some breaking news here in the u. K. In the wake of the u. S. Ban on laptops in plane cabins. We are getting an announcement from the u. K. Its a similar type of ban. Theresa may spokesperson has been speaking to reporters. The ban is inbound direct flights from six countries the u. K. Is in close contact with the u. S. Over the span. Six countries are effective tunisia, jordan, turkey, lebanon, and saudi arabia. The laptop and effects Turkish Airways and easyjet. The band is not hit kuwait, morocco, emirates. Theresa may chaired a meeting on Airport Security this morning. It comes of course after the federal government barred passengers from carrying large Electronic Devices onto u. S. Bound flights for security reasons. Lets check in on bloomberg first word news. Mark crumpton has the latest details. Mark u. S. Up in Court Nominee supreme Court Nominee neil gorsuch says he will not weigh in with his personal views on roe v. Wade or any other High Court Decision during his hearing. He was asked today by Charles Grassley to discuss row, the case that legalized abortion nationwide. Roe versus wade is decided in 1973 was the president of the United States up in court. It has been reaffirmed. Considerations are important and all other factors that go into analyzing president have to be considered. It is a precedent of the United States up in court. It was reaffirmed in casey in 1992 and several other cases. Mark during the presence of campaign, then candidate donald trump said his supreme Court Nominees would be prolife and that roe again would be automatically overturned. To watch live coverage of the confirmation hearings, head to bloomberg. Com or type tv on your bloomberg terminal. Polls give french independent candidate emanuel mccrone the win after the televised president ial debate. He was attacked on immigration, terrorism, and the economy. Polls also show that far right candidate Marine Le Pen lost ground. Leaderouth korean park has appeared for the first time in a corruption hearing the end of her presidency. She apologized to the green people to the korean people. She had immunity while under prosecution. Global news 20 for hours a day are b powered by toy 600 journalists nameless and more than 120 countries, i am mark barton. This is labor. Bloomberg. Mark were live in paris next. This is bloomberg. Vonnie from bloomberg World Headquarters in new york, i am vonnie quinn. Mark live from london, i am mark Barton County down to the european close. Last night, president of hopefuls president ial hopefuls sparring on the debate stage. Independent candidate Emmanuel Macron the most convincing when clashing with Marine Le Pen. Joining us now is deputy euro chief of paris. Had so much to lose going into the debate last night. The concerns over his candidacy to bed now . I would not say he has put those concerns to that. Bed. I would take them cautiously and use them as anecdotal evidence. They say thats one in percent of people who viewed the debate thought that he was the most convincing. He has 26 support in the polls. That is not really a quantifiable difference really in terms of what the bulls can do the polls can do. I think macron came out of the debate standing. No one took him down. No one managed to show that he was completely unsubstantial, and that is what he needed to do. He maintained his frontrunner status. I do not think he necessarily reassured people who are still wavering and not sure about him about his president ial stature. He certainly showed that he could stand up to Marine Le Pen and thats a key quality that comes out of last night. Mark does it change the narrative of a le penmacron secondround president ial standoff come , mark . Mark d. i dont think so. What they both had to do last night was come out of this thing where they are and secure their status as essential front runners, the people who are going to make it into the second round. There is still five weeks to go until the first round of voting. A lot could happen, but i think they both met their goal on that last night. Now we will just have to wait and see what happens next. Vonnie heres a little bit of a problem in the sense that he doesnt quite know whether to add voters on the right or on the left, right, mark . What does he do in terms of those to try to windows party voters . I know there was a ban on policy tax. Has to what macron do is deliver on the personality side and show the stature in the broad shoulder he needs to carry the country forward. The number three in this race is fillon, who did not come out of last night perfectly shining, but he did come across in many ways as president ial, experienced, a heavy hitter. And that is what he aimed to do with the night as well. Vonnie who is the closest ally and parliament in parliament that he could win in the final round . Mark d. the parliamentary question is important. We are not there yet. Lets do the president ial first. There has been a fair bit of research out there on what the parliamentary situation will mean. I think the dynamic, the hastain that any candidate coming out of the president ial election will be very important as to whether they can secure a majority in parliament. Macron has a bigger hurdle because he does not have an established party. He is going from zero lawmakers to aiming for a majority. There is no suggestion saying he will get a majority. The parliamentary question remains valid. And as much as this election is a binary question of le pen and everyone else and france in and out of the euro, that question doesnt involve the parliamentary stake at this stage. Mark mark, things a lot. Thanks a lot. , deutscheill ahead bank is set to be facing more fines. We have the latest on the german lenders legal challenges. That is next. This is bloomberg. Vonnie this is bloomberg markets. In new york, i am vonnie quinn. Mark i am mark barton. The european closes nine minutes away. Bloomberg with the first report that the german lender may face fines from the u. S. Department of Financial Services for its conduct in the foreign extent market. For more, lets bring in the bank analyst for bloomberg intelligence. Remind us about this conduct first and then we can dig into what the Fines Deutsche Bank might face. Sure, one of the interesting things that came out of Deutsche Banks annual report yesterday is that of the 28 significant litigation matters still outstanding or that they had, which actually accounted for 90 of their total expected impact, they partially or fully resolved nine of those last year. These impending fx fines certainly are another step toward fully resolving all those litigation matters. You give you some kind of indication as to where we stand in the litany of legal issues that are facing Deutsche Bank. Mark any sort of fines they could face . Arjun one of the things that is interesting to me is that barclays was actually find around 150 million in 2015 by the new york Apartment Department and obviously previous Federal Reserve fines have come in the range of 200300,000,000 dollars. In the grand scheme of things, it is not hugely material and given where the pro forma capital ratio is coming out, this is very manageable in terms of capital impacts at Deutsche Bank. Vonnie many fines we have seen have not been massive, but in Deutsche Banks case, it has a whole rash of fines it has been paying off, a phenomenal number, which is why they have had to raise some of capital in the first place. Arjun absolutely. As i mentioned earlier, they are roughly halfway through their litigation matters. 2017 is going to be another messy year in terms of earnings for Deutsche Bank. One of the good things about this Capital Raise is that it really puts the bed any capital concerns arising from any litigation charges that they need to take this year. Vonnie is john cryan making the right decision . What is the consensus of analysis . Arjun i think he is. I think he is doing what is its ary, but obviously long, painful road for Deutsche Bank. What they really need to demonstrate now Going Forward is their ability to grow the top line. Thats an issue that many banks are facing, but it is something that Deutsche Bank really needs to prove because it has lost market share in its traditionally strong fixed income business. It needs to regain that from u. S. Business peers. One of the key impediments to doing that previously was the fact that capital ratios were relatively low. Now they have extra capital behind them, they should be able to investing compete on a more even soda and with the u. S. Peers. Mark is there a sense that Deutsche Bank is moving into a new phase . Broadly flat revenue, but cry and is trying to deal with that. Most of the legal challenges the last couple of years have been behind it. Are we entering a new period for Deutsche Bank shareholders, given that in september shares rose to a record . They were down about his viability back in september, werent they . Arjun i think a lot of those fears were overblown to some extent. The bank always had plenty of liquidity, but you are right. But this year is going to be for Deutsche Bank is really a focus on the earnings franchise and the earnings power rather than one in which we have concern about its capital or liquidity. Yes, to your point, this is absolutely a new year and a new angle and we have the recommencement of dividends as well with a commitment to tailor that up to a more competitive level next year. Again, pointing to a more normalized year in some sense. Mark we believe that there we believe that there. Take a look at where european equities are faring. We are literally five minutes away from the end of the tuesday session. Yes, its only tuesday. Stocks are down. They opened up earlier, but they are drifting with their u. S. Companions. The stoxx 600 down six tens of 1 . Ago. A few year hours the highest level since the temper second. The ftse lower and the sterling is higher on the back of a strong bpi number. Consumer prices breaking through 2 for the first time in more than two years. That is why sterling is up against the dollar today. I will leave you with the bond board. Check out the u. K. 10 year yield in light of that data. This is bloomberg. Mark this is the european close. Lets take you through the details, three Industry Groups rising today. The earliest up on wall street feeding through to todays session, given we are up for eight days, the highest level in over 15 months. Four months,ined led by health care. Auto, among the big stories, ppg upustries renewing, shares 2. 4 . This is according to people familiar with details of the new basel. Proposal. The history of ppg rebuffing, the act of the 20. 9 billion takeover. It was substantially undervalued , one of the Dutch Companies longterm investors is urging investors to overly evaluate. Big day today in wake of the debate in france. The first of the president ial debates by candidates, sparring against each other. The result of which, Emmanuel Macron, the independent, is said to have won it if you listened to the polls. He was the most convincing of the five contenders ahead of the panda. Stopping her from landing the knockout punch. The euro is up, the highest level since november. Climbing to 1. 12. And this is a difference in the french and german 10 year, which is continuing to narrow, given the outcome of the president ial debate yesterday. The outcome which suggests Marine Le Pen will not win, which is what investors fear the roast fear the most. There was the whitest in four years to 64 basis points. To 64test in four years basis points. This would say a lot if we broke below 60. That is what the analysts look at on the markets live function. How is it looking over their . Vonnie great, but the u. S. Is running out of steam. The way it is most obvious is in the dollar, now 99. 74. Abigail tells us the republican will be watching this. And then you have the u. S. Dollar stronger against the mexican, which was below 19 earlier. The mexican peso a little stronger but happens to be weaker. Look at the pboc. We will keep an i on that, 6. 87. And this is the buying and tragedies in treasuries, down to 2. 44. You can see it is the same for the 30 year, dropping. It was around 3. 09. Brent crude showing the same effect of the reflation trade, 47. 66 in the market. Looking at currencies earlier, the british pound stronger and is the euro. Now lets go to Abigail Doolittle and look at the stock selloff. Butail we have a selloff, what you are talking about, that is 99 point 23, the last low. It is the last time we will see the dollar decline. For the s p 500, the worst cell back of the year. We are seeing that starting around 10 15. It is not clear what is behind this, but Tina Martin Adams of bloomberg told our team moments ago they could have to do with the fact that the 10year yield treasury in terms of the bond took out upside resistance. Bonds are rallying. Take a look at it in another form, these are the banks down in a big way. Bank of america down 5 , the worst since exit last year or jpmorgan, citigroup and wells fargo all down, being weighed as yield. Is higher foreld the third day in a row. Lets take a look at the bloomberg and see the chart of the 10 year. This is the last six months, we see the big backup in rates after the election, and the 10year yield consolidating in this range of uncertainty. After the last fed hike, we see the yield actually slid as bonds rallied. Then we saw the 10year yield go sideways, back below the 50 day moving average, suggesting we could see bonds rallied more. This puts in question reflation trade that investors are hoping for around donald trump, president Donald Trumps association. Election, with bonds, sold off. Now it is interesting. Oilnd february 23, we saw slide, then the s p 500 put in a peek on march 1, bloomberg dollar index down, now catching up with the rally. Big question whether or not the reflation trade is reversing in the at risk at self, mark. Mark i can ask that same question to john in a second, is the reflation trade starting to fail . Lets get to the french bond trade, after the rally of last night where Emmanuel Macron emerged as the slim leader. The 10 year benchmark yield dropping as much as 0. 03 . On the flipside, german bunds had a bruising morning, mixed with u. K. Inflation data, which the fiveyear was above. 3 . And now, the investor of asset management, head of multiassets income. Hi, john. I have drawn a line of 60 basis points, which i learned from our markets live function. All of our people talk about what is interesting. They seem to say if we break below 60, which we have not done really since january, that would tell us that investors are relaxed about the income outcome of the french president ial election. Tell us what you are saying and seeing about this chart right now. John i think that is right. I think it is a guide or a gauge about euro worries and thes french element in it. There was some concern that must then was in the polls, she seemed to have faded a bit. Micron is doing ok. I dont think investors were ever realistically thinking there was a big probability of taking Marine Le Pen power in france, but she could cause some nerves. The markets tended to anticipate things. As you get closer, i would say now they are starting to get to a point where they think it is an unlikely outcome. Time to load up on all sorts of euro bonds, and if so, what . John not really. Ofs is fading a little bit excitement ahead of the dutch election and now the french election. This is just warm up perhaps for longerterm concerns about the euro. We think there is a small but real chance that a foreign five star led government could be formed in italy over the next 12 months or early next year, and that would be a bit of a game changer. Clearly think the ecb are increasing less comfortable with monetary policy. It is quite likely they will begin to taper qe next year, maybe replace it with longterm recuperation, but the support is coming from the ecb. If that fades, the miskick premium the risk premium will remain. Vonnie are you saying the person could be the italian Prime Minister . John i think he has a criminal record. I am not sure of the details. Our concern is the political makeup in italy has been. Racturing renzis party has split, so there is a chance when we have an election, the fivestar movement could be the largest party. Under current law, though it may change, they would get additional seats for winning the election, and there are a number of others eurosceptic parties. Whether they form an alliance is unclear. That would be the northern league, more of a rightwing party, but also these two people on the fence in terms of whether they are proeurope or antihero. Europe. Vonnie it does not end with the french election. How do you play this . Do you make shortterm trades, do you buy yourself options in case everything goes awry, or do you stay in at all . John we did put in on a spread widening trade, from the underperformance of french government bonds, Italian Government bonds against germany, but we took some profits on that, because it looked as though they were priced in a lot of risk ahead of the two elections where we just had and when we are about to have. If we get the sort of rally that mark is talking about, we will sell into that again and buy goods versus bunds versus french oets. Mark what is are you looking at . John the spread position between u. S. And europe, bund yields around 40 basis points versus treasuries, 10 year treasuries in the cutie to q2 . Beginning to follow a gradual path, and the ecb is talking a hawkish story, so that could continue to narrow. That takes some of the shine off the dollar. Generally we think the central Bank Environment where Central Banks are not doing a lot or threatening to do a lot is an official for a lot of emerging markets. Emergingmarket currencies, equities, particularly if Commodity Prices hold up, which we think they will. Broadly, it is growth efforts. We like equities and to a lesser extent, credit as well. That theme ofn Central Banks not doing a lot, the bank of england is not. There was something last thursday john yeah, i think it was mark here is the inflation data. John it went front of mind when it came out, but this is a valedictory move for her, because she is on her way out. The question on u. K. Inflation is, can the bank of england do anything about it . It is sterlingdriven. It is not just food and energy. It is ever other imported goods, which is a concern, but if you look at wages, they are pretty weak. So on these numbers, you have got flat, real incomes. That will not support expenditures. The bank of england will still be concerned with the brexit weakness or the impact of a weaker pound will come through in her the economy. On that basis, and hurt the economy. On that basis, they are unlikely to do anything for some time. The market is beginning to price in mark john 75 basis points. A little bit. Ambassador will the vonnie here is mark crumpton. Mark crumpton President Trump has a warning for people that failed to pass the Affordable Care law, do not vote, lose your seat. He will have a meeting with lawmakers at the capital. We had a great meeting, we will get a winner vote. It was a great meeting. Terrific meeting. Tremendous health care plan. There will be adjustments. Republican leaders have made several changes to the bill including limits on Medicaid Enrollment and an accelerated phaseout of some taxes. U. S. Trade representative nominee robert white iser says he wants the United States to promote a stronger bilateral relationship with taiwan. Britain response to questions from senators. Theaid he wanted to look at negotiations with taiwan and address longstanding problems for certain products. A former Irish Republican Army commander will help negotiation piece in who helped negotiate peace in Northern Ireland is dead. He took part in terrorist activities during the time known as the troubles. He became the chief negotiator for the ira political launch. He became the definitely deputy leader of the powersharing government. A new report says cash flow through russia when 3a monocle and uttering went through eight Money Laundering network. The largest review documents indicating 20 billion was moved out of russia and a fouryear time span. Citigroup, bank of america, hsbc and ubs were included. Citigroup is continually taking steps to improve systems for detecting illegal transactions. Global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. I am mark crumpton. This is bloomberg. Vonnie thank you for that. Apple comes up with new products while it tries to reboot its app store. In u. S. Markets, it has been a down day from the reflation trade. The dow jones down 0. 25 . 75 . And the nasdaq is down 1. 2 . This is bloomberg. Live from london and new york, i am mark barton. Vonnie this is the european close on bloomberg markets. Apple is trying to sell its new ipad and the shiny new iphone 7, the move comes ahead of plans to announce a new iphone later in the year. They want to share more data with the developer immunity to boost revenue from services. Bloomberg Technology Editor alison joins us with more. This is the headline out of all of todays news, the idea that the app store will get a revamp to help developers that might have been unhappy with the experience in the last go. Reporter this is all about Services Business. They have become the star of that business. , its gadgets are not selling like they used to. The iphone cells actually felt last year. Fell lastctually year. There pushing the store as one of the main money generators, board equitable than hardware is generally speaking. What better way to get Services Business humming than to give some of these developers a lot more data about what they are actually doing, whether subscribing to new services, canceling, that type of thing, and developers have responded. Vonnie what about money and User Experience . Both are necessary. It is not just about giving asset data. Reporter part of the relaxing of apples data sharing with developers is prescription models. Instead of downloading and out, an app, they are asking you prescribed to some sort of game or app service, and they take a cut from developers. That gets more of an occurring revenue, good for the developers and apple and its valuation. Mark that is what is important, revenues alastair, the . There was a difference in valuation, apple versus amazon. It is 15 times. The others are a much higher multiple. Does it mean it needs to curve closep on revenue to get to tech titans when it comes to valuation . Reporter it is quite a soft shocking difference compared to amazon. 50 cutit is taking a from developers instead of 30 services, thatpp inl be revenue coming in future years, and investors love that type of thing. They will give it a much higher valuation especially when talking with the new iphones. Instead of the new ipad, people will buy one of those, maybe two years. And will it boosts sales, the cheap ipad, the cheapest ever, the red, shiny iphone . Reporter is a great example. It is a lot cheaper, which shows the demand is lower, but if you have one of those, you can get into the apple operating system and do one of the new app subscriptions which feeds into the Services Business again. Vonnie that shiny, red iphone, with youtube and their service. Bloomberg technologys alastair, thank you. Mark get your judging caps on. We will go to the energy sector. This is bloomberg. Mark i love what we call thatmark wide cry. We are back for another round of the tournament of champions with contestants. Face off. Vonnie it is so exciting. M also as excited as the almost as excited as the actual momentum. Joe. Et fu versus take it away. Betty scarlet i should point out that jonathan featured this chart, but i do want to take credit away from him. This is g 6888, the blue line is wti crude, the white line is yield. Right now highyield Energy Companies are yielding 6. 7 . It is historically pretty low, stuck around that since the Fourth Quarter of last year. The pink dotted line shows the last time the yield was active, going all the way back to hear when oil prices were around 80 a barrel. That is a big disconnect, yield back to the level last seen in 2014 when oil was 60 higher than it is right now. This could signal potential risk in the market. Energy companies will face pressure they did not win crude oil was around 80 a barrel. Crude oil was around 80 a barrel. Efficient, thess more risky Energy Companies have been fleshed out already. They have gone bankrupt. You only see the survivors. Energy companies are much more streamlined, running march more efficiently at current much more efficiently at current prices. Vonnie lovely presentation. Spear, ihe crude oil am looking at the crude oil and what it has been doing to stocks. If you look at the top chart all the way on the right, we have the s p 500 energy index which is the blue line and the s p 500 which is the white line. The biggest divergence since the Fourth Quarter of 2014. Pretty historical. The second chart we see is the price of crude oil. You can see it has been declining, and that is a leading indicator in the past or the s p 500 energy index. What does this mean for the future of the s p 500 . Look at the bottom of the chart. This shows Earnings Growth on a quarterly basis and you can see the dotted line, that is the big recovery, the big pickup of 10 . Is well. E thinking all look at the last time it was at 10 . It was right around Fourth Quarter 2014, and it was, people are starting to get worried that there could be pressure on Earnings Growth, which is the biggest driver of the s p 500. You can see this chart on the terminal at g btv 6973. Vonnie fantastic charts. I dont know about you, mark, i am inching towards joe. I dont really have a good reason, other than there is potential events in different markets. Wary ofy chart that is the real yield means it has got my vote. It goes to the gallery, and the winner is . Joe. Well done, joe. Thanks to joe and scarlet. It is 1 00 in washington. I am david gura, welcome to bloomberg markets, the focus on the first 100 days in office. Here are the stories we are watching. President trump is warning House Republicans they could lose their seats in midterm elections if they do not support his bill to replace obamacare. We would hear from two different lawmakers, one who supports and one who is skeptical. You are looking at a live shot. Neil gorsuch, he has made no promises on how he would rule on cases. He is facing opposition from democrats in his second of confirmation hearings. New restrictions of people flying to the u. S. In the middle east and north africa. They will have to store their devices in jet baggage. How that could affect the airline industry. David President Trump warned House Republicans and a closeddoor meeting many could lose their seats in the 2018 midterm elections if they n